Mortgages

The department wants to make changes to its reconsideration of value process by giving Federal Housing Administration borrowers the opportunity to seek a second appraisal

Analysts questioned whether the reductions could have a negative impact in terms of scale, but executives said the move has financial advantages — more so than its correspondent exit.

Marianne Sullivan will be charged with overseeing the start of the second phase in a multi-year plan to develop cloud native technology at the servicing software company.

The measure enacted on Dec. 30, 2022 applies retroactively and could add servicing risks that lending divisions will likely consider in underwriting and pricing on new loans originated in the state.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

While supply was up by over 54% compared to a year earlier, new home listings decreased, according to Realtor.com.

The 30-year fixed loan rate dropped 15 basis points compared with last week as bond market investors acted in advance of this morning's Consumer Price Index report.

With Control Your Price loan officers can lower the interest rate by up to 40 basis points on a loan and by 1.25 percentage points across their pipeline.

The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.

But the numbers still generally remain below pre-pandemic levels, according to Attom.

The transactions, combined with news Wells Fargo will be shedding some mortgage servicing rights, add to indications that prices for investors may be more favorable this year.

But refinances saw an upturn and pushed overall loan activity higher in the first week of 2023, the Mortgage Bankers Association said.

Many industry stakeholders have been watching certain credit measures closely for signs that underwriting is loosening out of concern it could do so excessively, but indicators still show it's historically tight.

Among current investors in the market, 7% are between 18 and 29 years old, while 15% of those looking to make their first purchases also belong to the same age group, according to a new study.

Among its major accomplishments in the past year were an update to its Reference Model, the foundation for most of its standards.

MSR trading is picking up a little from its seasonal lull but values may not get as high as they did last year, some experts say.

Declining mortgage rates and home prices drove more positive views compared to the prior month, but December's overall outlook remained negative, Fannie Mae said.

In a Jan. 1 reshuffling the mortgage giant also promoted its former wholesale chief to chief revenue officer of Rocket Mortgage.